The economy may be pointing toward more opportunities for small business owners to flourish, but many remain cautious, a new survey has found. According to the 2014 Aflac WorkForces Report for Small Businesses, 84 percent of small business owners reported steady or increased profits in 2013, but have veered toward caution in regard to taking on new staff and providing competitive benefits and salaries.
The study revealed that small business owners are hiring at a sluggish pace compared to medium or larger organizations – 45 percent of small companies hired new full time employees in 2013, while 71 percent of medium sized businesses and 60 percent of large companies did the same.
The survey gathered responses from small business employees as well as decision makers and found that 63 percent of workers at small organizations ranked themselves as very satisfied or extremely satisfied with their current positions, but just 12 percent said they were extremely satisfied with their benefits packages. Just 14 percent said their current benefits plan was extremely well suited for their family needs.
Some benefits packages and salaries were cut this past year, as the survey reported 12 percent of small business decreased staff hours from full to part time positions. Approximately 34 percent of survey respondents said they gave more small raises to workers in 2013 compared to years past, but small raises and inadequate benefits options are not unnoticed by workers – 50 percent of small business employees surveyed said they will most likely begin job hunting for new positions over the next year.
Losing valuable members of a team can be detrimental in more ways than one, making it a priority for small business owners to improve their workplace benefits packages and to give reasonable raises for top performing employees. If you’re interested in learning more about small business loans to help you in this endeavor, contact National Funding today.